We are former surgeons, pharmaceutical executives, bankers, equity analysts, lawyers and consultants. We have decades of investment, operational, clinical, structuring and capital markets experience. Our Strategic Advisory Board consists of six prominent healthcare veterans that enhance the depth and expertise of our team.
Our Strategic Advisory Board consists of six world renowned healthcare experts with extensive expertise in global manufacturing, clinical medicine, commercialization of life science products, and licensing.
Gregory B. Brown, M.D.
Gregory B. Brown, M.D. is a co-founder and Vice Chairman of HCR and the Chairman of the Strategic Advisory Board. Educated as a transplantation immunologist and trained as a thoracic and vascular surgeon, Dr. Brown practiced thoracic and vascular surgery in a community setting where he also founded and led an HMO. He brings particular expertise in the scientific, technical, clinical and medical evaluation of products as well as in healthcare systems and payor / reimbursement dynamics. He has been involved in sourcing, diligencing and closing more than $1 billion of royalty financings. Before co-founding HCR, Dr. Brown was a partner at Paul Capital Partners, where he co-managed that firm's royalty investments as a member of the royalty management committee. Prior to beginning his principal investment career in 2003, Dr. Brown was co-head of investment banking and head of healthcare at Adams, Harkness & Hill (now Canaccord Genuity) and a ranked biotechnology research analyst at Vector Securities International. Dr. Brown holds a B.A. from Yale, an M.D. from SUNY Upstate Medical Center and an M.B.A. from Harvard Business School. He currently serves on the board of MonoSol Rx and is a board observer at Vanderbilt S.a.r.l.
Li S. Boynton
Li S. Boynton joined HCR as an Associate in 2016. Previously, she worked in Equity Research covering the large cap pharma and large/smid cap biotechnology sectors at Guggenheim. Ms. Boynton holds a B.S. in Molecular Biology from Yale University.
Todd C. Davis
Todd C. Davis is a co-founder, Managing Partner, Chairman of the Portfolio Management Committee and member of the Investment Committee at HCR. He brings particular expertise in the commercial, operational and licensing aspects of potential investments, and is responsible for the management of HCR's existing portfolio of over $1 billion. Mr. Davis has been involved in over $2 billion in healthcare principal investments including sourcing, conducting due diligence, and closing more than $1 billion in royalty financings. In addition, Mr. Davis coordinates the firm's public relations activities. Previously, Mr. Davis was a partner at Paul Capital Partners, where he co-managed that firm's royalty investments as a member of the royalty management committee. He also served as a partner responsible for biopharmaceutical growth equity investments at Apax Partners. Prior to beginning his principal investment career in 2001, Mr. Davis held various sales and product management roles at Abbott Laboratories and worked in business development, operations and licensing at Elan Pharmaceuticals. Mr. Davis holds a B.S. from the U.S. Naval Academy and an M.B.A. from Harvard Business School. He currently serves on the boards of Suneva Medical, Ligand Pharmaceuticals, AcuFocus and TearScience.
Clarke B. Futch
Clarke B. Futch is a co-founder, Managing Partner and Chairman of the Investment Committee at HCR. He has been raising and deploying capital in the healthcare royalty market for more than a dozen years. Since 2001, he has led more than 30 royalty investments representing nearly $2 billion of invested capital. Over the course of his career, Mr. Futch has raised over $5 billion across five investment funds and executed more than 100 transactions including royalty, equity, debt and M&A deals. At HCR Partners, he also leads the firm's fundraising activities. Before co-founding HCR, Mr. Futch served as a partner at Paul Capital Partners where he co-managed the firm's royalty investments as a member of the royalty management committee. He previously served as a founder of the healthcare group at Thomas Weisel Partners, and as a vice president at Raymond James. Mr. Futch was previously named one of the future leaders in biotech finance by BioWorld, one of the industry's leading publications. He holds a B.A., magna cum laude, from Vanderbilt University and a J.D. from the University of Virginia School of Law. Mr. Futch also serves on the board of Suneva Medical.
Paul J. Hadden
Paul J. Hadden is a Managing Director at HCR. He joined the firm in 2007 and is focused primarily on business development, deal sourcing and HCR's university and non-profit efforts. Mr. Hadden has over a decade of experience investing in and advising biotechnology and pharmaceutical companies and to date has executed over $650 million in royalty transactions. Prior to HCR, Mr. Hadden served as a principal at The Frankel Group LLC, a boutique management consulting firm serving the life sciences industry, where he advised leading pharmaceutical, biotechnology and generic clients. Mr. Hadden started his career at New York-Presbyterian Hospital as a senior financial analyst providing financial planning support to the program development and clinical services division. Mr. Hadden holds a B.A. from Yale College and an M.P.H. from the Yale School of Public Health.
Conrad Wang, M.D.
Conrad Wang, M.D. joined HCR as a Principal in 2015. Trained as an orthopedic surgeon, Dr. Wang has over a decade of experience investing and structuring acquisitions in healthcare. Dr. Wang most recently was Senior Director, Corporate Development at Medtronic plc where he led cross-functional deal teams in evaluating and executing acquisitions, strategic alliances, joint ventures and minority investments. Prior to Medtronic, Dr. Wang was a principal investor at Three Arch Partners, a healthcare venture capital firm, where he sourced, invested in and was a board member for medical device, healthcare services and therapeutics companies. Dr. Wang holds a B.S. from Massachusetts Institute of Technology (MIT), an M.D. from the Harvard-MIT Division of Health Sciences and Technology at Harvard Medical School, and an M.B.A. from Harvard Business School where he was named a Baker Scholar. He completed his post-graduate training in the Harvard Combined Orthopedic Residency Program. He currently serves as a board observer for AcuFocus and TearScience.
Cici Zheng is an Associate of HCR. Prior to joining HC Royalty, she was an analyst in the healthcare investment banking division at UBS Investment Bank, where she focused on mergers and acquisitions as well as debt and equity financings across the healthcare industry. Ms. Zheng holds a B.A. from the University of Pennsylvania.
Emilie C. McKenna
Emilie McKenna is an Associate of HCR. Prior to joining HCR, she was an analyst in the healthcare investment banking group at Cowen and Company, where she focused on mergers and acquisitions as well as debt and equity financings. Ms. McKenna holds a B.A. from Bowdoin College.
Sean S. Mansoory
Sean S. Mansoory joined HCR as an Associate in 2016. Previously, he worked in the healthcare investment banking groups at BMO Capital Markets and Janney Capital Markets. Prior to Janney, he worked as a Market Research Analyst at Boston Biomedical Consultants (now QuintilesIMS), a boutique consulting firm primarily focused on the In Vitro Diagnostics (IVD) sector. Sean holds a B.S. in Biochemistry and Pre-Medicine from Trinity College (CT).
Shin W. Kang, Ph.D.
Shin W. Kang, Ph.D. joined HCR as a Vice President in 2015. He most recently served as a Vice President of Equity Research at Wells Fargo Securities covering the biotechnology sector. Prior to Wells Fargo, Mr. Kang managed technology, intellectual property and business development at the Mount Sinai School of Medicine. He holds a Ph.D. in Biological Chemistry/Immunology from the University of California, Los Angeles, an M.B.A. from Columbia Business School and a B.S. from the University of California, Davis. Mr. Kang also conducted research at Genentech as a postdoctoral fellow.
John A. Urquhart
John A. Urquhart is a Principal at HCR. Mr. Urquhart joined HCR in 2007 and since then he has served various roles of increasing responsibility. He has over a decade of healthcare investing experience in the royalty and structured finance market. Mr. Urquhart is based in Boston and is responsible for the firm's business development efforts in the greater Boston region. Prior to HCR, Mr. Urquhart was an investment banking analyst at Cowen and Company, where he focused on mergers and acquisitions as well as debt and equity financings. Mr. Urquhart holds a B.A. from Brown University and a M.B.A. from The Wharton School of the University of Pennsylvania.
Anthony G. Rapsomanikis
Director of West Coast Business Development
Anthony G. Rapsomanikis is Vice President and Director of West Coast Business Development at HCR. Prior to joining the firm in 2012 as an Associate, he worked as an Analyst in the healthcare investment banking group at Stifel Nicolaus Weisel and its predecessor firm Thomas Weisel Partners, where he was focused on mergers and acquisitions, debt and equity financings. Prior to Stifel, Mr. Rapsomanikis was an Analyst at Silverwood Partners, where he advised middle market companies on private capital raises and M&A transactions. Mr. Rapsomanikis holds a B.B.A., cum laude, from the University of Massachusetts, Amherst.
Pei Zhou, CFA
Pei Zhou, CFA joined HCR as an Associate in 2015. Previously, he worked as an Investment Banking Analyst at MTS Health Partners, a boutique healthcare merchant bank. Prior to MTS, he worked in corporate finance at Comcast/NBCUniversal. Pei holds a B.A. in Economics from the University of Pennsylvania.
Ting Xie, Ph.D.
Ting Xie, Ph.D. joined HCR as an Associate in 2016. Previously, he was a member of AB Bernstein's II ranked equity research team covering biotech and specialty pharma sectors. Dr. Xie holds a Ph.D. from Harvard University, where he focused on cutting-edge small molecule drug development and related clinical studies at Harvard Medical School and Dana-Farber Cancer Institute. Prior to that, he received his BSc in Chemistry and Biology from Tsinghua University.
Thomas K. Conner
Chief Financial Officer
Thomas K. Conner is the Chief Financial Officer and a Managing Director at HCR. Prior to joining HCR, Mr. Conner was the COO of investment banking at Cowen & Company. Mr. Conner spent more than twenty years with Cowen & Company and was its Chief Financial Officer until its merger with Ramius. Prior to joining Cowen, Mr. Conner worked for TLP Leasing Programs, where he managed the accounting operations of 15 public and private limited partnerships. Previously, Mr. Conner worked for Atlantic Capital Corporation. He began his career at Deloitte Haskins & Sells in 1983. Mr. Conner holds a B.B.A. from the University of Massachusetts, Amherst and is a Certified Public Accountant licensed in the State of New York.
Andrew T. Reardon
Chief Legal Officer
Andrew T. Reardon is the Chief Legal Officer at HCR. Prior to joining HCR, Mr. Reardon was a senior associate at Willkie Farr & Gallagher. Mr. Reardon's experience includes advising private equity funds, hedge funds, lenders and operating companies on matters including fund formations, financings, equity issuances, mergers and acquisitions, leveraged buyouts, royalty transactions, restructurings and corporate governance. Mr. Reardon received a J.D., with high distinction, from The University of Iowa College of Law where he was the recipient of the Alan I. Widiss Faculty Scholar Award, and a B.A., with honors, from the State University of New York, College at Old Westbury. Mr. Reardon is a former officer with the United States Army National Guard.
Spencer H. Schneider
IP Counsel & Chief Compliance Officer
Spencer H. Schneider is the Chief Compliance Officer and Intellectual Property Counsel at HCR. Mr. Schneider helped establish HCR's compliance program, handled all aspects of the Firm's registration as an investment advisor with the SEC and manages all compliance functions. He is a registered patent attorney with extensive experience in conducting intellectual property due diligence for corporate transactions. Prior to joining HCR, Mr. Schneider was a principal at Speyside Capital Advisors, a boutique advisory firm helping to facilitate commercialization of university inventions. Previously, Mr. Schneider was an associate in the intellectual property groups of Dewey & LeBoeuf, Ropes & Gray, and Cooper & Dunham. He has conducted patent due diligence for multiple types of transactions including public offerings, venture capital financings, mergers and acquisitions, leveraged buyouts, and royalty transactions. Mr. Schneider holds a B.A. in Biology from Columbia College, a M.S. in Biochemistry and Molecular Biology from New York Medical College, and a J.D. from Cardozo School of Law.
Frank M. Armstrong, M.D.
Frank M. Armstrong, M.D. is a member of HCR's Strategic Advisory Board. Over the course of his tenured career, Dr. Armstrong has served as chief executive officer at a number of healthcare and biopharmaceutical companies, including Fulcrum Pharma plc, CuraGen Corporation, Bioaccelerate Holdings, Inc., Provensis Ltd. and Phoqus Pharmaceuticals plc. Dr. Armstrong has also worked in big Pharma as head of worldwide product development at Bayer AG, a senior vice president at Zeneca Pharmaceuticals (now AstraZeneca plc) and a Senior Vice President at Merck Serono. Dr. Armstrong holds an MBChB from the University of Edinburgh and became a member of the Royal College of Physicians in 1984. He was elected a Fellow of the Royal College of Physicians, Edinburgh in 1993 and was elected a Fellow of the Faculty of Pharmaceutical Physicians in 1994.
Michael G. Carter, M.D.
Michael G. Carter, M.D. is a member of HCR's Strategic Advisory Board and Investment Committee. Dr. Carter is a venture partner at SV Life Sciences Advisers LLP and serves as a non-executive director of Micromet Inc., Fulcrum Pharma plc, Santarus, Inc. and GTx, Inc. Previously, Dr. Carter was a member of the strategic advisory board for the Paul Royalty Funds. From 1984 to 1998, Dr. Carter held numerous positions with Zeneca Pharmaceuticals (now AstraZeneca plc), including international marketing director, international medical director and serving on that company's board. Dr. Carter also held numerous positions with Roche Products Ltd from 1976 to 1984, including director of the pharmaceutical division, head of medical development and medical affairs, and an adverse reactions physician. For nearly a decade, he served on the UK Government's Medicines Commission and, prior to entering the pharmaceutical industry, was a practicing physician. Dr. Carter holds a Diploma in Pharmaceutical Medicine, an MBChB from Sheffield University Medical School, a B-Pharm from London University's School of Pharmacy and is a member of the Pharmaceutical Society. He was elected a Fellow of the Royal Pharmaceutical Society, a Fellow of Faculty of Pharmaceutical Medicine of the Royal College of Physicians and a Fellow of the Royal College of Physicians, Edinburgh.
Nicholas L. Teti, Jr.
Nicholas L. Teti, Jr. is a member of HCR's Strategic Advisory Board. He is Chairman of the Board and CEO of Suneva Medical. Prior to Suneva Medical, Mr. Teti was Chairman of the Board of Isolagen, Inc. and, until January 2008, was also the company's Chief Executive Officer. Previously, Mr. Teti served as Chairman, President and Chief Executive Officer of the Inamed Corporation from 2002-2006 through the Allergan acquisition. Prior to Inamed, Mr. Teti spent twenty-five years at DuPont and DuPont Merck where he held a number of senior management positions including President and CEO of DuPont Pharmaceuticals. He currently serves on the Board of Enteromedics. Mr. Teti holds a B.A. and an M.B.A. from St. Joseph's University.
Louis P. Berneman
Lead Advisor, Nonprofit Institutions
Louis P. Berneman serves as the Lead Advisor, Nonprofit Institutions for HCR. Mr. Berneman is a Past President of the Association of University Technology Managers (AUTM), a global network of more than 3,500 universities and other nonprofit research institutions focused on licensing technology created through academic and nonprofit research. He is also a former Vice President and Trustee of the Licensing Executives Society (LES), a professional licensing and technology transfer society comprised of over 6,000 members. Mr. Berneman served on the Strategic Advisory Board for the Paul Royalty Funds for nine years and was managing director of the Center for Technology Transfer at the University of Pennsylvania. Currently, Mr. Berneman heads Texelerate, LLC, a technology transfer consultancy focusing on assisting institutions, investors, entrepreneurs and companies with licensing transactions, royalty monetizations, and creating financing for start-ups. He is also a founding partner of Osage University Partners. Mr. Berneman holds a B.A. from the Pennsylvania State University, a teaching credential from University of California at Santa Barbara, and an M.A., M.T. and Ed. D. from Teachers College, Columbia University. He is also a Certified Licensing Professional.
Joshua D. Kurtz
Joshua D. Kurtz is a Fund Controller at HCRP. Prior to joining HCR, Mr. Kurtz was a fund accounting manager at Chilton Investment Company, where he was a team leader within the group and managed all aspects of the fund accounting functions. Before joining Chilton, Mr. Kurtz worked at Ramius, where he served as a vice president in the accounting group responsible for accounting and financial reporting for multiple investment funds. Prior to Ramius, Mr. Kurtz was a senior accountant in the audit assurance services investment management division of Deloitte and Touche, where he specialized in the audits of private equity and hedge funds. Mr. Kurtz holds a B.B.A. from Baruch College and is a Certified Public Accountant licensed in the State of New York.
Carlos M. Almodovar
Principal - Investor Relations
Carlos M. Almodovar is a Principal in the investor relations group at HCR. Prior to joining HCR, Mr. Almodovar was Director, Business Development at Strategic Value Partners, an alternative investment firm focused on distressed debt. Prior to joining Strategic Value Partners, Mr. Almodovar served as an Associate Director for UBS Investment Bank where he focused on raising capital for external private equity managers. Before UBS Investment Bank, Mr. Almodovar served as an analyst in real estate for Lehman Brothers. Mr. Almodovar holds a B.S. from Cornell University.
Robert S. Langer, Sc.D.
Robert S. Langer, Sc.D. is a member of HCR's Strategic Advisory Board. He is a David H. Koch Institute Professor and Founder of the Langer Lab at the Massachusetts Institute of Technology. Dr. Langer previously served as a member of the United States Food and Drug Administration's SCIENCE Board, the FDA's highest advisory board, from 1995 - 2002 and as its Chairman from 1999-2002. He has helped start 25 companies, and more than 250 pharmaceutical, chemical, biotechnology and medical device companies have licensed or sublicensed Langer Lab patents. Over the course of his tenured career, Dr. Langer has received over 210 major awards including the 2013 Wolf Prize in Chemistry which is considered the Isreali Nobel Prize; the 2006 United States National Medal of Science; the 2011 United States National Medal of Technology and Innovation; and the Charles Stark Draper Prize, the equivalent of the Nobel Prize for engineers. He has also been elected to the Institute of Medicine of the National Academy of Sciences, the National Academy of Engineering and the National Academy of Sciences. Dr. Langer has received 19 honorary doctorates including honorary degrees from both Harvard and Yale. He received his Bachelor's Degree from Cornell University and his Sc.D. from Massachusetts Institute of Technology, both in Chemical Engineering.
Marc D. Kozin
Marc D. Kozin is a member of HCR's Strategic Advisory Board. He is a Senior Advisor and former President of L.E.K. Consulting, a global management consulting firm that helps clients solve their most critical business problems. Mr. Kozin has 30 years of experience in strategy consulting and M&A management, both domestically and internationally. He also has deep industry expertise advising biopharmaceutical, life sciences, and medtech companies. During his tenure at L.E.K., Mr. Kozin advised senior executives in life sciences and other industries to help them identify new growth opportunities, build value, pursue highly-profitable mergers and acquisitions, and support sustained growth. He helped open the firm's Boston office in 1987 and oversaw the growth of the firm's U.S. operations including the company's acquisition of shareholder value consulting firm Alcar in 1993. In 2002 Consulting Magazine named Mr. Kozin one of the 25 most influential consultants in recognition of his leadership and results for clients. He holds a B.A., magna cum laude, in Economics from Duke University, and an M.B.A. with distinction from The Wharton School at the University of Pennsylvania. Mr. Kozin currently sits on the Boards of Endocyte, Inc., Dyax Corporation, Helomics™ Corporation, Medical Simulation Corporation, UFP Technologies and Crunchtime! Information Systems.
Neil J. Campbell
Neil J. Campbell joined HCR as an Advisor in 2014. He currently serves as President & CEO of Helomics™ Corporation; Chairman of Mosaigen® Corporation; and as a Senior Research Fellow at the University of Liverpool. Over the course of his career, Mr. Campbell has successfully developed and/or introduced more than 275 products and services in the areas of pharmaceuticals, medical devices, clinical & industrial diagnostics, consumer healthcare products, medical software, research products, bioinformatics, nanotechnology, high-performance computing, and internet-of-things. He has held C-level positions at Child Health Research Institute, SuperNova Diagnostics, Inc., Endeavour Capital, EntreMed Pharmaceuticals (Nasdaq: ENMD), and Celera Genomics (NASDAQ:CRA). Mr. Campbell has also served in general and executive management positions at Life Technologies, Inc. (NASDAQ: LIFE), IGEN, Inc., acquired by Roche (NASDAQ:IGEN), and Abbott Laboratories (NYSE: ABT). Mr. Campbell serves on several industry, government, non-profit and company boards and is an active author on a wide variety of subjects relating to the research, development and commercialization of science and technology. He is pursuing a Doctorate from the University of Liverpool and holds an M.B.A. and M.A. from Webster University and a B.S.B.A. from Norwich University.
Warren D. Cooper, MB, BS, BSc, MFPM
Warren D. Cooper, MB, BS, BSc, MFPM, is the Chief Medical Officer and a Managing Director at HCR Partners. Dr. Cooper previously served as an Industry Advisor to HCR Partners. He is a UK-trained physician with over 35 years of experience in the global pharmaceutical industry. Dr. Cooper was the founding CEO of Prism Pharmaceuticals, a venture-backed, specialty pharmaceutical company that he led from inception to the sale of the Company to Baxter International in May 2011. With a background in cardiology and cardiac surgery, he spent 12 years with Merck, initially as a UK clinical research physician, then as head of European and subsequently Worldwide Clinical Research Operations for Merck Research Laboratories across all therapeutic areas. Moving to AstraMerck (now AstraZeneca PLC), he led that company's cardiovascular business division, a role with full business lifecycle leadership from in-licensing through development to P&L responsibility for sales and marketing. Dr. Cooper currently serves as the Lead Director on the Board of Zynerba Pharmaceuticals and is a member of the Faculty of Pharmaceutical Medicine of the Royal Colleges of Physicians of the United Kingdom, and of the International Society of Hypertension.
Natale S. Ricciardi
Natale S. Ricciardi is a member of HCR's Strategic Advisory Board. He spent his entire 39-year biopharmaceutical career at Pfizer Inc. Prior to his retirement in 2011, Mr. Ricciardi served as President, Pfizer Global Manufacturing, Senior Vice President, Pfizer Inc. and as a member of the Pfizer Executive Leadership Team. In addition to his corporate leadership role, Mr. Ricciardi was directly responsible for all of Pfizer's internal and external supply organization – a global enterprise with as many as 38,000 employees and more than 100 manufacturing facilities supplying small and large molecule pharmaceuticals, vaccines, consumer, nutrition and animal health products, by working with Research from product co-development, regulatory approvals, manufacturing and launch. His first decade at Pfizer was spent performing technical and supervisory roles in the New York area. Mr. Ricciardi then relocated to Puerto Rico where he led Pfizer's growing manufacturing operations and ultimately included Sales and Marketing in the Caribbean. He returned to the mainland in 1995 as Vice President of Manufacturing for Pfizer's Animal Health Group. In 1999 he was given responsibility for Pfizer's U.S. manufacturing operations and assumed global responsibilities in 2004. Mr. Ricciardi holds a B.S. in Chemical Engineering from The City College of New York and an M.B.A. in Finance and International Business from Fordham University. He currently serves on the Board of Directors of Dynavax Technologies.
Amy J. Vayalattu
Amy J. Vayalattu joined HCR as a Fund Accountant in 2015. She previously served as an Assurance Associate in the Financial Services Group at McGladrey LLP. In this role she was responsible for conducting risk analysis and audits for private equity funds, fund-of-funds and hedge funds. She previously served in the Federal Tax Department at IBM. Amy holds a B.A. in Public Accounting from Pace University.
Christopher A. White
Chief Operating Officer
Christopher A. White joined HCR as Chief Operating Officer in 2014 and became a member of the Investment Committee in 2015. He has over twenty years of legal, financial and operational experience. He previously served as Managing Director and Head of Investment Banking at Janney Montgomery Scott LLC where he was responsible for leading the strategic direction, business development and corporate finance activities of the Investment Banking Division within the Capital Markets Group. Prior to joining Janney in 2011, Mr. White spent over a decade at Cowen Group, Inc. where he held a number of senior management positions including Chief Administrative Officer, Chief Financial Officer and Chief Operating Officer. He previously served in senior leadership positions at Salomon Smith Barney and spent seven years as a securities and mergers and acquisitions lawyer. Mr. White holds a B.A. from Amherst College and a J.D. from the University of Michigan Law School.
Samuel D. Floyd II
Samuel D. Floyd II joined HCR as an Associate in 2015. Previously, he worked in the Financial Sponsors Group of the J.P. Morgan Private Bank where he advised senior private equity professionals regarding their investing, banking, credit, and estate planning needs. Mr. Floyd holds a B.S., magna cum laude, from the Sybil C. Mobley School of Business at Florida A&M University.